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Stratégies d'investissement en actions et fonds à capital garanti

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  • Roland Gillet
  • Isabelle Nagot
  • Ariane Szafarz

Abstract

Les fonds à capital garanti proposés par les institutions financières connaissent une grande popularité. Pourtant, ce type de placement peut souvent être mis en œuvre facilement par l’investisseur individuel à moindres frais via un recours direct aux marchés financiers. Sur base d'un cas simple, cet article détaille les diverses possibilités ainsi accessibles à l'investisseur et en compare les implications pratiques en terme de rentabilité et d'horizon de placement. Tout en intégrant les considérations stratégiques propres aux émetteurs, il vise à démystifier la "boîte noire" que constituent encore aux yeux de trop nombreux investisseurs les fonds à capital garanti et justifie toute l'attention accordée par les autorités de contrôle à la communication financière relative à ces produits.

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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 06-008.RS.

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Length: 24 p.
Date of creation: May 2006
Date of revision:
Publication status: Published by: Centre Emile Bernheim, Bruxelles
Handle: RePEc:sol:wpaper:06-008

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Keywords: fonds communs; gestion de portefeuille; capital garanti; stratégies d’investissement.;

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  1. Hayne E. Leland., 1979. "Who Should Buy Portfolio Insurance?," Research Program in Finance Working Papers 95, University of California at Berkeley.
  2. Grossman, Sanford J & Vila, Jean-Luc, 1989. "Portfolio Insurance in Complete Markets: A Note," The Journal of Business, University of Chicago Press, vol. 62(4), pages 473-76, October.
  3. Brennan, Michael J. & Schwartz, Eduardo S., 1976. "The pricing of equity-linked life insurance policies with an asset value guarantee," Journal of Financial Economics, Elsevier, vol. 3(3), pages 195-213, June.
  4. Black, Fischer & Perold, AndreF., 1992. "Theory of constant proportion portfolio insurance," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 403-426.
  5. Blake, David, 1996. "Efficiency, Risk Aversion and Portfolio Insurance: An Analysis of Financial Asset Portfolios Held by Investors in the United Kingdom," Economic Journal, Royal Economic Society, vol. 106(438), pages 1175-92, September.
  6. Basak, Suleyman, 2002. "A comparative study of portfolio insurance," Journal of Economic Dynamics and Control, Elsevier, vol. 26(7-8), pages 1217-1241, July.
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